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Zoetis

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Zoetis Inc. (/zō-EH-tis/[4]) is an American drug company, the world's largest producer of medicine and vaccinations for pets and livestock.[5][4][6] The company was a subsidiary of Pfizer,[7] the world's largest drug maker, but with Pfizer's spinoff of its 83% interest in the firm it is now a completely independent company. The company directly markets its products in approximately 45 countries, and sells them in more than 100 countries.[8] Operations outside the United States accounted for 50% of the total revenue.[5] Contemporaneous with the spinoff in June 2013 S&P Dow Jones Indices announced that Zoetis would replace First Horizon National Corporation in the S&P 500 stock market index.[9]

Zoetis Inc.
Company typePublic
IndustryPharmaceutical
Founded1952; 72 years ago (1952)
HeadquartersParsippany, New Jersey, U.S.
Area served
Worldwide
Key people
RevenueIncrease US$8.54 billion (2023)
Increase US$3.02 billion (2023)
Increase US$2.34 billion (2023)
Total assetsDecrease US$14.3 billion (2023)
Total equityIncrease US$4.99 billion (2023)
Number of employees
c. 14,100 (2023)
Websitezoetis.com
Footnotes / references
[2][3]

History

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1950s to 2000s

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Zoetis building in Exton, PA

In the 1950s, Pfizer began research on several drugs, including oxytetracycline, which was found to be effective in livestock.[10] In 1952, the Pfizer Agriculture Division opened a 732-acre research and development facility in Terre Haute, Indiana, called Vigo.[10][11] By 1988 the division was renamed Pfizer Animal Health.[10]

The 1995 acquisition of Norden Laboratories from GlaxoSmithKline expanded Pfizer's animal health division into small animal care, including domestic pets.[10] Secondary research and development centres were opened in Kalamazoo, Michigan, in 2003.[10] In the same year, Pfizer acquired Pharmacia Corporation for US$60 billion in stock options.[12] Between 2007 and 2011, the company acquired Embrex Inc, Catapult Genetics, Bovigen, Wyeth, Fort Dodge Animal Health, Vetnex Animal Health Ltd, Synbiotics Corporation, Microtek, King Pharmaceuticals, and Alpharma.[10]

2010s to present

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Plans to break away Pfizer Animal Health into a separate company were officially announced in 2012.[13][4] The new firm was named Zoetis in allusion to the Latin-derived zoological term zoetic, meaning "pertaining to life".[4][7]

Zoetis Inc.'s revenues exceeded $4.2 billion in 2011 and $4.34 billion in 2012.[14][15][4] The animal health industry worldwide is an estimated US$22 billion industry.[4]

On May 22, 2013, The Wall Street Journal reported that Pfizer planned to sell its majority stake in the company.[15] According to the report, shareholders will have the option to swap their Pfizer shares for Zoetis shares.[15] The sell-off of Zoetis is consistent with Pfizer's recent decision to shed other non-pharmaceuticals subsidiaries in an effort to save costs, raise capital, and pay off debt. The company has announced that JPMorgan Chase, Bank of America, Merrill Lynch, Goldman Sachs & Co., and Morgan Stanley will be the lead underwriters.[16][15]

In November 2014, activist investor Bill Ackman disclosed that Pershing Square Capital Management had taken an 8.5% stake in the company, amassing approximately 41.8 million shares, causing the share price to hit its highest price since the IPO.[17] On 17 November, the company announced it would acquire a portfolio of pet drugs from Abbott Laboratories for approximately $255 million.[18]

2012: IPO

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Records show that Pfizer officially filed for registration of a Class A stock with the U.S. Securities and Exchange Commission on August 10, 2012.[10][19] Zoetis' IPO on February 1, 2013 sold 86.1 million shares for US$ 2.2 billion.[20] Shares sharply rose 19% by the end of the trading day to $35.01 a share, up from $26.[4] At the time, it was the largest IPO from a U.S. company since Facebook's $16 billion IPO on May 18, 2012.[21] Pfizer retained 414 million Class B shares giving it an 83% controlling stake in the firm.[22][3] Stock investors were attracted to the steep profit margin in proportion to revenue and consumer confidence in potential future growth of the subsidiary.[4] The offering's lead underwriters were JPMorgan Chase, Bank of America Merrill Lynch and Morgan Stanley.[20] Most of the money raised through the IPO was used to pay off existing Pfizer debt.[4]

Acquisitions

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In November 2015, the company announced it would acquire a developer of aquaculture treatments and diseases, Pharmaq, for $765 million.[23][24] In 2017, Zoetis acquired Ireland-based Nexvet, a company with a biologics focused technology and product candidate pipeline.[25] In the same year, the company also acquired KL Automation, a robotics company.[8]

In May 2018, the company announced its intention to acquire Abaxis for $1.9 billion in cash.[26][27]

In August 2021, Zoetis announced it would buy Jurox, increasing the business' presence in New Zealand, the US, Canada and the UK.[28] In June 2022, Zoetis acquired Basepaws, a privately held genetics company.[29]

In September 2023, Zoetis acquired Petmedix, a privately held Cambridge, UK-based company, to bring the benefits of species-specific antibody therapies to pet owners.[30][31]

Products

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Twenty-eight sites in 11 countries make up Zoetis manufacturing network, each facility designed to meet chemical and infectious agent safety regulatory requirements. Many R&D operations are co-located with manufacturing sites, a collaboration that allows bringing new products to market faster. Zoetis builds on six-decade Pfizer history and aims for high-tech innovative manufacturing technologies. Zoetis products include:[32][33]

Recognition

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  • As of October 2023, Zoetis had been named by Seramount in their list of 100 Best Companies for Working Parents, for ten years in a row.[34]
  • As of July 2023, Zoetis was named in Fast Company's list as one of the Best Workplaces for Innovators.[35]
  • As of January 2024, Zoetis was honored at the 2024 Catalyst Award Conference for its efforts to catalyze diversity, equality, and inclusion.[36][37]

Charitable work

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In 2021 Zoetis established the Zoetis Foundation, a non-profit entity aimed at supporting communities and individual who care for animals with a goal of distributing $35 million in grants by the end of 2025. So far, the Foundation has distributed approximately $14.7 million in grants across 2021-2023.[38] The grants have been allocated towards causes including advancing opportunities for veterinary professionals[39][40][41] and farmers,[42] providing support to those affected by the Russian invasion of Ukraine, matching gifts programs, and delivering relief to those impacted by the earthquake in the Republic of Türkiye.[38]

References

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  1. ^ Zoetis (7 October 2023). "Zoetis Announces Appointment of Ester Banque as President of U.S. Operations for World Leader in Animal Health". Business Wire. Retrieved 15 November 2023.
  2. ^ "Zoetis Inc. 2023 Annual Report Form (10-K)". U.S. Securities and Exchange Commission. 13 February 2024. Retrieved 15 February 2024.
  3. ^ a b DIETERICH, CHRIS (31 January 2013). "Zoetis Raises $2.2 Billion in IPO - WSJ.com". The Wall Street Journal. New York. Retrieved 1 February 2013.
  4. ^ a b c d e f g h i "Shares of animal health company Zoetis soar in IPO". CBS News. New York. 1 February 2013. Retrieved 1 February 2013.
  5. ^ a b "Zoetis Inc, Form 10-K, Annual Report, Filing Date Feb 15, 2018" (PDF). secdatabase.com. Retrieved 26 April 2018.
  6. ^ "Zoetis raises about $2.2 billion in IPO". The Associated Press. New York: Yahoo!. 1 February 2013. Retrieved 1 February 2013.
  7. ^ a b DRIP Investor (October 2018). "Taking Care Of Animals Pays For Zoetis". DRIP Investor. 27 (10). Horizon Publishing Co.: 7.
  8. ^ a b Agri Marketing (November 2018). "Zoetis on Its Fifth Anniversary". Agri Marketing. 56 (9): 44–48.
  9. ^ Volkman, Eric (17 June 2013). "Zoetis to Join S&P 500; First Horizon National, QLogic Moved to New Indices -". The Motley Fool.
  10. ^ a b c d e f g "Form S-1". WASHINGTON, D.C: U.S. Securities and Exchange Commission. 10 August 2012. Retrieved 2 February 2013.
  11. ^ "Pfizer Buys 732 Acre Vigo Chemical Plant". Chicago Daily Tribune. 17 July 1958. p. 1. Archived from the original on 16 February 2013. Retrieved 2 February 2013.
  12. ^ Frank, Robert; Hensley, Scott (15 July 2002). "Pfizer to Buy Pharmacia For $60 Billion in Stock". The Wall Street Journal. Retrieved 2 February 2013.
  13. ^ "Zoetis Inc, Form S-1/A, Filing Date Oct 11, 2012". secdatabase.com. Retrieved 26 April 2018.
  14. ^ "Zoetis Inc, Form 10-K, Annual Report, Filing Date Mar 28, 2013" (PDF). secdatabase.com. Retrieved 26 April 2018.
  15. ^ a b c d Loftus, Peter (22 May 2013). "Pfizer to Spin Off Remaining Zoetis Stake". The Wall Street Journal. Retrieved 27 May 2013.
  16. ^ "Zoetis Inc, Form 425, Filing Date May 23, 2013" (PDF). secdatabase.com. Retrieved 26 April 2018.
  17. ^ Chen, Caroline (11 November 2014). "Ackman's Pershing Square Takes Stake in Drugmaker Zoetis". Bloomberg.
  18. ^ "Zoetis Inc, Form 8-K, Current Report, Filing Date Nov 17, 2014". secdatabase.com. Retrieved 26 April 2018.
  19. ^ "Zoetis Inc, Form S-1/A, Filing Date Jan 29, 2013". secdatabase.com. Retrieved 26 April 2018.
  20. ^ a b J. DE LA MERCED, MICHAEL (1 February 2013). "Shares of Zoetis Surge on Debut". New York Times. New York. Retrieved 1 February 2013.
  21. ^ "Facebook, Form 424B4, Filing Date May 18, 2012". secdatabase.com. Retrieved 27 April 2018.
  22. ^ "Zoetis, Form S-1/A, Filing Date Jan 29, 2013". secdatabase.com. Retrieved 27 April 2018.
  23. ^ "Zoetis, Form 8-K, Current Report, Filing Date Nov 2, 2015". secdatabase.com. Retrieved 27 April 2018.
  24. ^ "Zoetis Purchasing PHARMAQ for $765M". 3 November 2015.
  25. ^ Vinluan, Frank (13 April 2017). "Zoetis Builds on Biologics Pipeline with $85M Nexvet Acquisition". Xconomy. New York, NY, USA. Retrieved 9 April 2018.
  26. ^ "Zoetis to buy veterinary diagnostics firm Abaxis for $1.9 billion". 16 May 2018. Archived from the original on 3 June 2019 – via uk.reuters.com.
  27. ^ "Zoetis concludes $2 billion acquisition of Abaxis". Today's Veterinary Business. August 2018. Retrieved 29 January 2024.
  28. ^ "Zoetis to Acquire Jurox, a Leading Provider and Manufacturer of Livestock and Companion Animal Products".
  29. ^ "Zoetis Completes Acquisition of Basepaws, an Innovative Leader in Petcare Genetics, to Strengthen its Portfolio of Precision Animal Health Solutions". Business Wire. 22 June 2022. Retrieved 22 July 2022.
  30. ^ "PetMedix, a leader in discovering species-specific therapeutic antibodies for pets, announced that it has been acquired by Zoetis, the world's leading animal health company". September 2023. Retrieved 26 October 2023.
  31. ^ "Zoetis acquires PetMedix". Pet Gazette. Retrieved 29 January 2024.
  32. ^ Pfizer Animal Health Products Archived 22 July 2012 at the Wayback Machine
  33. ^ Zoetis (8 September 2023). "Zoetis Welcomes Officials to Open New State-of-the-Art Facility in Lincoln". Business Wire (English).
  34. ^ Zoetis Inc. (10 October 2023). "Zoetis Named a 100 Best Company for Working Parents by Seramount". Business Wire (English).
  35. ^ Zoetis Inc. (12 July 2023). "Zoetis Named One of the Best Workplaces for Innovators by Fast Company". Business Wire (English).
  36. ^ "Sephora, Zoetis Win 2024 Catalyst Award for Inclusive Workplaces". The Global Woman Leader. Retrieved 29 January 2024.
  37. ^ "2024 Catalyst Award Winners to Be Honored at Annual Gender Equity Conference and Dinner". Catalyst. Retrieved 29 January 2024.
  38. ^ a b Zoetis Inc. (September 2023). "Zoetis Foundation Announces $2.6 Million in Grants to Advance Opportunities for Veterinarians and Livestock Farmers". Business Wire (English).
  39. ^ "Zoetis Foundation awards $2.6M to advance opportunities for veterinarians". www.nationalhogfarmer.com. Retrieved 15 November 2023.
  40. ^ "Veterinary technician student scholarship deadline approaching". American Veterinary Medical Association. 25 September 2023. Retrieved 15 November 2023.
  41. ^ Vet Practice (3 September 2023). "AVA receives funding to help improve mental health of Australian vets". Vet Practice Magazine. Retrieved 15 November 2023.
  42. ^ "Zoetis Foundation pledges $5.3M for first round 2023 grants". www.nationalhogfarmer.com. Retrieved 15 November 2023.
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  • Official website
  • Business data for Zoetis:
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